Indian Oil result: Should you buy, sell or hold stock as IOC Q4 result misses estimates

livemint.com:

₹4,837.69 crore in Q4FY24 as against ₹8,063.39 in the previous quarter. IOC’s revenue from operations for the quarter declined 1.4% to ₹2.19 lakh crore from ₹2.23 lakh crore, QoQ. The refiner’s EBITDA fell 33% QoQ to ₹10,435 crore, missing consensus estimates by 33%.

This was led by weak refining and petchem partially offset by strong retail margins. Read here: IOC Q4 Results: Net profit drops 40% QoQ to ₹4,838 crore; declares dividend of ₹7 Gross Refining Margins (GRM) fell 45% YoY and 38% QoQ to $8 per barrel led. IOC’s Petroleum Products segment EBIT declined to ₹7,271.57 crore from ₹11,428.88 crore, sequentially, while Petrochemicals segment reported EBIT loss of ₹399.75 crore from ₹196.21 crore, QoQ.

The company’s board recommended a final dividend of ₹7 per equity share and also approved an investment of ₹1,303.75 crore as equity in its subsidiary for implementation of 1 GW installed capacity of Renewal Energy. IOC share price ended over 4% lower on Tuesday after its Q4 results missed Street estimates. IOC shares have gained over 30% in 2024 so far and the stock has risen more than 107% in one year.

Also Read: Top Stock Recommendations: Sagar Doshi of Nuvama recommends three stocks for tomorrow Here’s what brokerages have to say on IOC Q4 results and IOC share price. Nuvama Institutional Equities expects near-term weak GRMs on likely weak demand but maintains long-term Golden refining era thesis. IOCL reported a chemical EBIT loss of ₹400 crore on weak margins offset by 21% YoY and 19% QoQ volume rise.